The Challenge
Technology Evolution
There are a number of key challenges that have arisen from the deployment of these systems and, quite simply, the market requirements have and are changing. Principally the requirements of the UHNW and HNW individuals are stretching the boundaries of the original specifications and delivering the required functionality is becoming beyond the reach of these technologies.
The use of derivatives, hedge funds and private equity as well as the complex and individual levels of compliance and reporting required are just a few of the challenges to name. Additionally and importantly the level of competition for wallet share of wealthy individuals is requiring firms and their sales and relationship management teams to become much more organised in the way that they campaign, acquire and manage their clients.
Without the availability of integrated platforms to address these new challenges the market is starting to revert back to the deployment of specialist “point” systems. Different technologies are beginning to proliferate and are being used for Hedge Funds, Private Equity, CRM and Reporting in isolation. Not surprisingly we are also seeing the re-emergence of integration issues and all the associated problems of reporting, management information and compliance that have so plagued the industry in the past.
The time is now right to bring a new generation of wealth management systems to the market. One that puts the investor at the centre of the investment process, one that can handle the myriad investment products that are prevalent in today’s markets, one that provides institutional level analytics and one that provides world class reporting. This is the Third Generation of systems and tercero is the first to reach the market.